Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Vaibhav Global Ltd. (2023)453 ITR 31 (SC) Editorial : PCIT v. Vaibhav Global Ltd. (2023) 453 ITR 24 (Raj)(HC) is affirmed.

S. 92C : Transfer pricing-Arm’s length price -Adjustment on account of interest-free loans-Libor +2 Per Cent.-Corporate guarantee-Write-off of loss on account of investment in equity shares in subsidiary -Book profits -Provision for doubtful debts -No question of law -Order of High Court affirmed -SLP of Revenue is dismissed. [S. 92B, 115JB, Art. 136]

PCIT v. Gap International Sourcing (India) Pvt. Ltd. (2023) 453 ITR 770 / 292 Taxman 413 (SC) Editorial: PCIT v. Gap International Sourcing (India) Pvt. Ltd(Delhi)(HC)(ITA No. 531 of 2019 dt 22 -5 2019), is affirmed.

S. 92C : Transfer pricing -Arm’s length price -Support services -Cost plus model -Commission based model- Comparable –Question of fact. [Art. 136, 226]

PCIT v. Evalueserve.Com Pvt. Ltd. (2023)453 ITR 8/ 292 Taxman 155/ 331 CTR 217/ 223 DTR 137 (SC) Editorial: CIT v. Evalueserve.Com Pvt. Ltd (2022) 444 ITR 674 (Delhi)(HC) is affirmed.

S. 92C : Transfer pricing -Arm’s length price – Reasoned order based on cogent reasons-Order of High Court affirmed -Question of law left open. [S. 136, 260A]

Saraf Exports v. CIT (2023) 453 ITR 625 / 293 Taxman 280 / 332 CTR 188 / 224 DTR 277 (SC) Editorial: Decision of the Jaipur Bench of the Rajasthan High Court is affirmed, Saraf Exports v. CIT (Raj)(HC) (ITA No. 7 of 2014 dt 4-2 -2016)

S. 80IB : Industrial undertakings – derived from – Profits from Duty Entitlement Passbook Scheme and Duty Drawback claims- Not income “Derived From” Industrial Undertaking-Not eligible for deduction. [28(iiib), 28(iiic), Art, 136]

ACIT v. Vodafone Essar Gujarat Ltd. (2023) 453 ITR 755/149 taxmann.com 1 (SC) Editorial: Vodafone Essar Gujarat Ltd v. ACIT (2020) 424 ITR 498 (Guj)(HC) is affirmed.

S. 80IA : Industrial undertakings-Telecommunication Services Change in shareholding-Block of ten consecutive years-Losses which have lapsed cannot be taken into account for purposes profits of undertaking. [S. 79, 80IA(5)]

PCIT v. Gaurav Bagaria (2023) 453 ITR 513 (Raj)(HC) Editorial: SLP of Revenue is dismissed, PCIT v. Gaurav Bagaria (2023) 452 ITR 412 (St) (SC)

S. 68 : Cash credits – Purchase and sale – Genuineness of the Transactions was established -Order of Tribunal deleting the addition was affirmed. [S. 37(1), 260A]

PCIT v. Hindustan Engineering and Industries Ltd. (2023) 453 ITR 758 (Cal)(HC) Editorial: SLP of Revenue dismissed, PCIT v. Hindusthan Engineering and Industries Ltd. (2023)453 ITR 763 (SC)

S. 50B : Capital gains -Slump sale -Sale of each asset -No liability was transferred -Not a Slump sale -Question of fact. [S.2(19AA), 2(42C), 45, 260A]

PCIT v. Hindusthan Engineering and Industries Ltd. (2023) 453 ITR 763 /293 Taxman 507 (SC) Editorial: Order of High Court in PCIT v. Hindustan Engineering and Industries Ltd. (2023)453 ITR 758 // 151 taxmann.com 431(Cal)(HC) is affirmed.

S. 50B : Capital gains -Slump sale -Sale of each asset -No liability was transferred-Not a Slump sale-Question of fact. [S. 2(19AA), 2(42C), 45, Art. 136]

CIT(IT) v. Siemens Nixdorf Information Systemse Gmbh (2023) 453 ITR 741 / 293 Taxman 1 (SC) Editorial : CIT v. Siemens Nixdorf Information Systemse GmbH (2020) 114 taxmann.com 531 (Bom)(HC) affirmed.

S. 45 : Capital gains -Capital loss -Capital asset – Loan given to its subsidiary in India -Short-term capital loss —Order of High Court affirmed -SLP of Revenue dismissed. [S. 2(14), Art, 136]

Mansarovar Commercial Pvt. Ltd. v. CIT (2023) 453 ITR 661 / 293 Taxman 312 / 332 CTR 137 / 224 DTR 305 (SC) Editorial: Decision of Delhi High Court, affirmed, CIT v. Mansarovar Commercial Pvt. Ltd (Delhi)(HC) (2016) 134 DTR 105 / 287 CTR 28 (Delhi)(HC). Editorial : Review petition is dismissed , Mansarovar Commercial Pvt. Ltd. v. CIT (2023)453 ITR 661/ 293 Taxman 312 / 332 CTR 137/ 224 DTR 305 (SC)

S. 37(1) : Business expenditure-Commission-Residence-Company-Control And Management-Assessee-Companies Registered In Sikkim – Burden not discharged -Round tripping of funds -Liable to tax in India. [S. 2(35), 5, 6(3)(ii), 131, 142(1), 143(2), 148, 234A, 282]